Lanco to set up solar photovoltaic plant
Lanco is one of the 37 companies selected by India last year to build solar power projects, as the country moves forward with an ambitious plan that seeks to significantly scale up production from near zero to 20 gigawatts by 2022.
Infrastructure major Lanco Infratech is gearing up for a bigger play in the solar energy market through its subsidiary Lanco Solar Holdings, Singapore.
As per the business strategy for the subsidiary, the company would emerge as a developer of solar farms, engineering, procurement and construction (EPC) contractor to execute solar projects of other companies and an integratedmanufacturer of solar PV modules.
Lanco has already made forays into the solar space by signing power purchase agreements to for about of 140 mw. It claims to have developed a 200-300 mw solar power capacity over the next two years.
Lanco has signed power purchase agreements with NTPC Vidyut Vyapar Nigam Ltd for development of a 5 mw solar PV project and a 100 mw solar thermal project in Rajasthan under the first phase of the National Solar Mission. It has also signed up with Gujarat Urja Vikas Nigam Ltd for development of a 35 mw solar PV project in Gujarat.
The company has already commissioned a 5 mw solar PV project in Gujarat using its in-house EPC capabilities, while another 5 mw is under development.